$1.5 trillion Community Development Goal

Announced in 2008, our Community Development lending and investment goal - $1.5 trillion over 10 years - is our most ambitious yet, and the largest community development goal ever established by an American financial institution. This ambitious goal, which commenced in January 2009, replaces the previous goal of $750 billion. For final four-year results, click here.

Embraced by all of the major businesses within Bank of America, the new $1.5 trillion goal focuses on four key areas:

• Affordable housing. $1 trillion over 10 years. Safe, comfortable housing is a critical need in communities everywhere, and Bank of America is making it a reality for low- and moderate-income and minority individuals and families across the country.
• Small business and small farm ownership. $250 billion over 10 years. Small businesses are the economic engines of our local communities, and Bank of America loans and investments are helping small businesses contribute to economic revitalization across the nation.
• Consumer loans. $200 billion over 10 years. Reliable access to consumer credit is vital to strong communities and to the economic well-being of those who live there. We provide a full range of consumer financial services for low- and moderate-income individuals and families.
• Economic development. $50 billion over 10 years. Creating meaningful, long-term partnerships is key to revitalizing neighborhoods in rural and urban low-income areas and elsewhere. We partner with nonprofits, community developers and others to promote neighborhood revitalization through loans, grants and direct investments.

Helping rural and Native American communities...As part of Bank of America's 10-year, $1.5 trillion community development lending and investing goal, the company will dedicate $50 billion for lending and investing in rural and Native American communities across the United States. Bank of America is a community development leader in providing capital, access to credit and community impact in Rural and Native American communities.

By partnering with community partners we help find long term sustainable solutions to meet the financial needs of Rural and Native American communities.

Bank of America provides funding to local Rural and Native American nonprofit organizations, developing partnerships with national community leaders and supporting asset-building opportunities for Rural and Native Americans. In addition, the bank funds national and regional organizations that provide these communities with financial education and economic development training. Some examples of support include:

• Serving as key sponsor of the 2008 65th Annual Convention of the National Congress of American Indians, the oldest, largest and most representative national Indian organization serving the needs of Native Americans, held in October in Phoenix.
• Partnering with the National Gaming Association, a nonprofit organization of 184 Indian nations, associate members, tribes and businesses to provide economic, social and political advancement to Native American peoples.
• Supporting financial education, asset building and entrepreneurship in Indian Country through a 2007 grant to First Nations Development Institute Little Eagle Staff Fund.
• Providing program-related investments and additional grant funding to:
  • First Nations OWEESTA Corporation, a community development financial institution that helps Native Americans build assets. Organizations receiving funds include: Hopi Credit Association in Northern Arizona for Hopi Nation; Four Directions Development Corporation in Bangor, Maine; and Citizen Potowatami Community Development Financial Institution in Oklahoma.
  • Housing Assistance Council (HAC) to improve affordable housing opportunities for rural Americans. This investment helps capitalize HAC's Rural Housing Loan Fund, which provides short-term loans at below market rates to local nonprofit organizations, for-profit companies, and government entities developing affordable housing for low-income rural residents.

Our 2008 $750 billion goal results

• In 2008, Bank of America lent and invested $64 billion in four key areas:
• We provided more than $32.1 billion for affordable housing.
• We made $19.3 billion in loans and investments for small business growth and development.
• We made $9.3 billion in consumer loans to primarily low- and moderate-income borrowers for their home, education and personal needs.
• We provided $4.3 billion in loans, investments and grants for economic development efforts in support of community revitalization, access to capital and job creation.
• In the fourth year of the 10-year $750 billion goal, the bank has achieved $339 billion in loans and investments to date.
• For state and local market breakouts of the goal results, click on.